If you work with online insurance, you’ve probably heard this riddle:
At Penni.io, we are passionate about customer journeys, data, digitalisation, etc. Our goal is to make Insurance more transparent and more accessible to everyone.
Driving down the cost of sales and exposing the potential customers to insurance products in a time of their interest, is a game about digitalization and proximity played far away from the insurance industries home field.
Today, we get nerdy! You might have heard about the psychology of price and how pricing should be contextual. This post is going to change your view of the factors that should be incorporated in the pricing model. When you distribute insurance digitally, your pricing strategy can change accordingly. Instead of setting a sellable price, you need to set a buyable one.
When designing effective digital decision processes for insurance sales, the goal is to remove human interaction with an insurance agent. That way, even more of the decision-making will be in the hands of the customer’s System 1 thinking processes (for an explanation of System 1 thinking, see Part 1 ).
If you want to be more effective at selling insurance to customers, you need to know how they buy. That means understanding the decision-making process behind every purchase. What made them look into your product? What made them ask for a quote? And crucially, what made them choose to make the purchase?
With data collection, ‘the sooner the better’ is always the best answer
- Marissa Mayer